Wall Street recovered earlier losses this afternoon after news broke that President Trump’s chief strategist Steve Bannon will exit the White House, Reuters reported. “I think it was the rumor of Steve Bannon getting fired,” said Peter Costa, president of Empire Executions said of the stocks rebound. “There’s a lot of hopeful people thinking that, ‘you know what, he has been a divisive figure in the White House … Getting rid of him might be a good deal for the president.’”
Campaign promises of tax cuts and higher infrastructure spending helped the market rally, but investors are worried that Trump will be unable to implement his pro-growth economic agenda. All three major indexes are on track to post their worst monthly performance since before Trump’s election as president. Read more.